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by Stockwatch Business Reporter

West Texas Intermediate crude for January delivery lost 89 cents to $57.95 on the New York Merc, while Brent for January lost 89 cents to $62.48 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.80 to WTI, up from a discount of $12.70. Natural gas for December lost 12 cents to $4.42. The TSX energy index lost 1.82 points to close at 306.09.

The oil patch kept an eye trained on Ottawa and a hoped-for update on the B.C. tanker ban, which the Alberta government wants to see repealed in order to boost the odds of a new oil pipeline to the West Coast. Federal Energy Minister Tim Hodgson said in a parliamentary committee meeting yesterday that Ottawa and Alberta are nearing a memorandum of understanding on energy matters that could include such a pipeline. "I think we are getting close," said Mr. Hodgson (quoted in Reuters), "... and when that gets done, we'll have some more clarity" on the tanker ban. (Still muddying the waters are the B.C. government's opposition to lifting the ban and the fact that no developer has come forward offering to build a pipeline, but apparently those are issues for another day.)

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